Assistant Editor @sportico | DMs are open for tips (or reach me on Signal at danbernstein.33) | It all started @thedbk
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NEW: How insiders view Robinhood's prediction market deal with Crypto(.)com, OG and OG's exchange subsidiary—from the motivations to what it means for the industry.
Insights from Robinhood, Crypto(.)com, Rothera, Susquehanna and more.
sportico.com/business/sports…
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Shares of IG Group, which recently acquired Underdog, were down 22% after it revised its revenue projections.
But IG noted that Underdog's net revenue in Q3 is up over 100% year-on-year to approximately $105 million.
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Dan Bernstein retweeted
NEW: DOJ says prediction contracts on Venezuela military action and regime change qualify as swaps, distinguishing recent Kalshi rulings. This is part of the case against a US soldier who allegedly used Polymarket @G_Insider
ALT Screenshot of a September 30, 2026 US Justice Department filing arguing Venezuela military action and leadership-removal prediction contracts qualify as swaps.
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July 5, 2025: Flutter acquires 5% of FanDuel from Boyd, valuing FanDuel at $31 billion
Sept. 30, 2026: Entirety of Flutter has $13B market cap
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Brazil's online betting ban is a tough break for Flutter.
sportico.com/business/sports…
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Dan Bernstein retweeted
BOLO forthcoming CFTC prediction market rules.
One that excludes casino-style games from swap definitions would go into effect immediately, even while they take comment on it. The other would specify that event contracts fall under swap definition.
bloomberg.com/news/articles/…
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Kalshi has informed the CFTC it plans to terminate its volume incentive program, per a filing dated Sept. 28.
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Dan Bernstein retweeted
Prediction markets aren't the only thing hurting Flutter.
The company has pushed several wrong buttons while seeking to diversify its international betting portfolio.
sportico.com/business/sports…
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Kalshi has brought back sports weather delay markets for the first time in months for Phillies-Braves.
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This is not something leagues will be pleased with, as I wrote in July.
sportico.com/business/sports…
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This was officially approved by the CFTC on Friday.
Sports under the federal government expands.
Trade the performance of all 32 NHL teams starting September 28* with CME FSPI NHL futures.
✅ 24/7 market access
✅ Standard and Micro-sized contracts
✅ CFTC-regulated
Meet the game changer: spr.ly/6015BGjJkJ
*Pending regulatory review
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Crypto(.)com, now more involved with sports than ever amid its foray into prediction markets, has mutually agreed to end its jersey patch deal with the 76ers a year early.
NEWS: The 76ers have a new jersey patch partner for 2026-27: Bloom Energy. The multi-year deal is worth more than $20 million/year, and one of the richest in the NBA.
The clean energy firm was just added to the S&P 500. It has an $81B market cap, and its stock is up 320% in 12 mos.
sportico.com/business/sponso… via @sportico
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Dan Bernstein retweeted
The federal circuit split widens for Kalshi and sports prediction markets as the Sixth Circuit joins the Ninth Circuit in ruling sports event contracts aren't swaps, so can be regulated by state betting laws.
Odds of U.S. Supreme Court review are rising: sportico.com/law/analysis/20….
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Dan Bernstein retweeted
New: ProPublica’s Jake Pearson lost $10,000 mimicking the betting patterns of a problem gambler on DraftKings to test the company’s “responsible gaming” safeguards. One week in, he was invited to become a VIP — and faced little pushback as he spiraled. propub.li/4dGHrwr
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This seems reasonable. Consortium implies shared diversely shared ownership rather than total vertical integration.
Several reg-nms equity venues have minority owners that are market makers.
Citadel sent its Deputy U.S. Head of Government and Regulatory Policy to the CFTC last week to discuss the agency's rulemaking on affiliated market makers.
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Dan Bernstein retweeted
JUST IN: The Sixth Circuit ruled against Kalshi and in favor of Ohio and Tennessee, who want to regulate prediction platforms like gambling. This now means 2 federal appeals courts have ruled for the states, while 1 ruled in favor of prediction companies. SCOTUS looms.
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Citadel sent its Deputy U.S. Head of Government and Regulatory Policy to the CFTC last week to discuss the agency's rulemaking on affiliated market makers.
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You can catch up on the rulemaking here...
sportico.com/business/sports…
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Dan Bernstein retweeted
Scoop from @amacker & @kjspeaks truth:
The FDIC just learned about Polymarket's contracts on potential bank failures and...isn't best pleased. On @theterminal now.
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